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MKTG 350 Midterm ch 6
chapter 6
41
Marketing
Undergraduate 3
10/16/2011

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Term
Best Buy
Definition
Revising marketing system to move away from demon customers and cater towards angel customers
Term
Target Marketing
Definition
Identify market segments, select one or more, and develop products and marketing programs tailored to each
Term
Market Segmentation
Definition
dividing market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes
Term
Segmentation
Definition
divide the total market into smaller segments
Term
Targeting
Definition
Select the segment or segments to enter
Term
Differentiation
Definition
differentiate the market offering to create superior customer value
Term
Positioning
Definition
position the market offering in minds of target customers
Term
Concept boiled down
Definition
1)which customers will we serve? 2) how will we serve them?. Goal: create more value for the customers we serve than competitors do
Term
Geographic segmentation
Definition
divide market into different geographical units such as nations, states, regions, counties, cities or neighborhoods
Term
Demographic Segmentation
Definition
dividing market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and nationality.
Term
Age and Life Cycle Segmentation
Definition
dividing market into different age and life cycle groups
Term
Gender segmentation
Definition
dividing market into different segments based on gender
Term
Income segmentation
Definition
divide a market into different income segments
Term
psychographic segmentation
Definition
dividing a market into different segments based on social class, lifestyle or personality characteristics
Term
behavioral segmentation
Definition
dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
Term
occasion segmentation
Definition
dividing market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item
Term
benefit segmentation
Definition
divide market into segments according to the different benefits that consumers seek from the product
Term
User Status
Definition
markets can be segmented into user status. marketers want to reinforce Regular users, attract targeted non-users, and reinvigorate relationships with ex-users. people approaching life-stage changes have potential to be Heavy users
Term
Usage Rate
Definition
Markets can be segmented into light, medium, or heavy users. ex: burger king's "super fans" age 18-34 accounts for 18% of customers, but 50% of visits
Term
Loyalty Status
Definition
a market can be segmented by consumer loyalty, and can be segmented by degree of loyalty
Term
Effective Segmentation
Definition
DAAMS
Differentiable-segments are distinguishable
Accessible-segments can be reached and served
Actionable-effective programs can be designed for attracting and serving the segments
Measurable-size, purchasing power, and profiles of segments can be measured
Substantial-segments are large or profitable enough to serve
Term
target market
Definition
a set of buyers sharing common characteristics or need that the company decides to serve
Term
undifferentiated (mass) marketing
Definition
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with 1 offer
Term
Evaluating market segments
Definition
look at: 1-segment size and growth, 2- segment structural attractiveness, 3- company objectives and resources
Term
range of marketing strategies
Definition
mass marketing--> segmented marketing--> niche marketing--> micromarketing (local or individual marketing)
Term
intermarket (cross-market) segmentation
Definition
forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
Term
differentiated marketing
Definition
a market-coverage strategy where a firm decides to target several market segments and designs separate offers for each
Term
concentrated (niche) marketing
Definition
a market-coverage strategy where a firm goes for a large share of 1 or a few segments or niches. EX: whole foods caters to a small, but specific market
Term
Micro-marketing
Definition
the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments, includes local and individual marketing
Term
local marketing
Definition
tailoring brands and promotions to the needs and wants of local customer segments-cities, neighborhoods and even specific stores. Drawback of local-reduces economies of scale-->more cost
Term
individual marketing
Definition
tailoring products and marketing programs to the needs and preferences of individual customers. EX: NIKE ID
Term
socially responsible targeting
Definition
IDEA/EX: don't (either directly or indirectly) target 10 year old girls for lingerie, ex: victoria's secret PINK, critics say it's leaking over into young market exposing them to inappropriate
Term
Competitive Advantage
Definition
an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices
Term
USP (unique selling proposition)
Definition
an attribute that can be touted as unique or number one, ex: BK have it your way, or Titleist number one ball in golf
Term
value proposition
Definition
the full positioning of a brand, the full mix of benefits upon which it is positioned
Term
More for More
Definition
providing highest level of service or product for high price, ex: four seasons, ferrari
Term
More for same
Definition
response to "more for more", tries to provide best for less money
Term
same for less
Definition
EX: wal-mart, Best Buy, DSW shoes
Term
less for much less
Definition
ex: southwest airlines, dollar stores
Term
more for less
Definition
difficult to maintain in the long run, although many companies claim to
Term
positioning statement
Definition
a statement that summarize company or brand positioning- it takes this form: To (target segment and need) our (brand) is (concept) that (point of difference)
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